DescriptionMastercoin was created in order to perform as an extra “layer” over the Bitcoin protocol. This layer is implemented so developers and users can create their own user currencies that don't employ blocks and chains of data like most digital currencies do. In their own words, this process “enables the Bitcoin eco-system to become more decentralized and operate more in line with its peer to peer nature. Adoption of the Mastercoin Protocol will drive higher value economic transactions on the Bitcoin blockchain, which is good for Bitcoin miners and savers.” Users are encouraged to create their own currencies, and apply their own rules; Mastercoin enables them to do this without the need for extensive software development. Mastercoins exist as their own currency, as well, and these are often used to fund further development of their protocol. Since the currency itself is secondary to the Mastercoin protocol, all the coins that will ever exist have already been created, and they number 619,478.6 coins. Most of these will go to developers, but Mastercoins can still be bought, traded and mined.
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